Transocean ultra-deepwater semi nabs Petrobras contract

Transocean announced on 20 July that Petrobras has approved the award of a three-year contract for the ultra-deepwater semisubmersible rig Cajun Express for operations in Brazil. The rig is currently working in the US Gulf of Mexico for Chevron.

The Cajun Express will work for Petrobras offshore Brazil.

Petrobras has the right within one year of contract execution to convert the three-year contract to a five-year contract. Estimated revenues related to the three-year term and five-year term, if elected, are approximately $558.5 million and $894.3 million, respectively, depending on the date of execution of conversion.

The contract is expected to commence in the first quarter of 2010 following completion of the rig’s current contract.